Gopher Resource to launch $35 million incremental loan on Thursday

By Sara Rosenberg

New York, Sept. 5 – Gopher Resource LLC is set to hold a lender call at 10:30 a.m. ET on Thursday to launch a $35 million incremental first-lien term loan due March 2025, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Pricing on the incremental loan is Libor plus 325 basis points with a 25 bps step-down at first-lien net leverage of less than 4.5 times and a 1% Libor floor, which matches existing term loan pricing, the source said.

Original issue discount talk on the incremental loan is 99.75.

Proceeds will be used to fund a shareholder distribution.

Commitments are due at noon ET on Sept. 12, the source added.

Expected term loan ratings are B2/B.

Gopher is a recycler of lead-acid batteries.

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